Software Acquisition Group Inc. III Announces Closing of $200,000,000 Initial Public Offering
02 Agosto 2021 - 10:15PM
Software Acquisition Group Inc. III (NASDAQ: SWAGU) (the “Company”)
announced today that it closed its initial public offering of
20,000,000 units. The offering was priced at $10.00 per unit,
resulting in gross proceeds of $200,000,000. The Company granted
the underwriters in the initial public offering, a 45-day option to
purchase up to 3,000,000 additional units solely to cover
over-allotments, if any.
The Company’s units are listed on the Nasdaq Capital Market
(“Nasdaq”) and commenced trading under the ticker symbol “SWAGU” on
July 29, 2021. Each unit consists of one share of the Company’s
Class A common stock and one-half of one redeemable warrant, each
whole warrant entitling the holder thereof to purchase one share of
Class A common stock at a price of $11.50 per share. Only whole
warrants are exercisable. No fractional warrants will be issued
upon separation of the units and only whole warrants will trade.
Once the securities comprising the units begin separate trading,
shares of the Class A common stock and warrants are expected to be
listed on Nasdaq under the symbols “SWAG” and “SWAGW”,
respectively.
The Company is a blank check company formed for the purpose of
effecting a merger, capital stock exchange, asset acquisition,
stock purchase, reorganization or similar business combination with
one or more businesses. While the Company may pursue an initial
business combination target in any business or industry, it intends
to focus its search on software companies, especially those
targeting enterprise vertical sectors owned by private equity and
venture capital firms as well as corporate carve-outs. The Company
is led by Chairman and Chief Executive Officer, Jonathan Huberman,
and Vice President of Acquisitions, Mike Nikzad. In addition to
Messrs. Huberman and Nikzad, the Board of Directors includes Andrew
Nikou, Stephanie Davis, Peter Diamandis, Steven Guggenheimer and
Matt Olton.
Jefferies LLC acted as sole book-running manager of the
offering.
Of the proceeds received from the consummation of the initial
public offering and a simultaneous private placement of warrants,
$203,000,000 (or $10.15 per unit sold in the public offering) was
placed in the Company’s trust account. An audited balance sheet of
the Company as of August 2, 2021 reflecting receipt of the proceeds
upon consummation of the initial public offering and the private
placement will be included as an exhibit to a Current Report on
Form 8-K to be filed by the Company with the Securities and
Exchange Commission (the “SEC”).
The offering was made only by means of a prospectus. Copies of
the preliminary prospectus relating to the offering and final
prospectus, when available, may be obtained from Jefferies LLC,
Attn: Equity Syndicate Prospectus Department, 520 Madison Avenue,
2nd Floor, New York, NY 10022, by telephone: 877-821-7388 or by
email: Prospectus_Department@Jefferies.com.
A registration statement relating to these securities has been
filed with, and declared effective by, the Securities and Exchange
Commission (“SEC”) on July 28, 2021. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy,
nor shall there be any sale of these securities in any state or
jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
FORWARD-LOOKING STATEMENTS
This press release contains statements that constitute
“forward-looking statements,” including with respect to the initial
public offering and the anticipated use of the net proceeds. No
assurance can be given that the net proceeds of the offering will
be used as indicated. Forward-looking statements are subject to
numerous conditions, many of which are beyond the control of the
Company, including those set forth in the Risk Factors section of
the Company’s registration statement and prospectus for the
offering filed with the SEC. Copies are available on the SEC’s
website, www.sec.gov. The Company undertakes no obligation to
update these statements for revisions or changes after the date of
this release, except as required by law.
Contact
Jonathan HubermanChief Executive OfficerSoftware Acquisition
Group Inc. IIIjon@softwareaqn.com
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